1. A word with no meanings, used on the internet to end a sentence. SImilar in function to the Japanese "desu"
2. Interjection to signify that one is vaguely amused by something.
A: Where were you yesterday?
B: I was playing all day lol.
As you see, the lol added to the end of the sentence by speaker B serves no purpose.
A: Yo, I bumped into this fat spic yesterday.
B: lol.
Speaker B is vaguely amused by A's encounter with an overweight person of Hispanic Descent.
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